Jan. 17, 2023
INTERESTING STATISTICS FOR REAL ESTATE IN SUMMIT COUNTY
- 2021 will go down as one of strongest real estate markets ever recorded, with average sold prices, county wide, appreciating 25.15% year over year.
- And, 2022 will go down as the year when the Summit County real estate market began to normalize back towards more balanced pre-covid conditions.
- Year over year, 2022 recorded a 13.63% appreciation in average sold prices for all of Summit County.
- However, the bulk of that appreciation occurred in the first two quarters of 2022.
- Average single family sold prices set all-time records at $2,829,617 in Q1 for Breckenridge.
- And, average single family sold prices peaked at $2,994,000 in Q2 for Keystone.
- Since Q2 of 2022, average sold prices have been under pressure in most areas. Average single family sold Prices in Breckenridge, for example, are $2,225,892 as if Q4 2022. After taking out an outlying $12.2M sold in Q1, this represents an approximate 12% average sold price correction, perhaps as the result of the wide reaching short term rental (STR) restrictions that have been implemented locally.
- And, that Buyer demand for short term rental properties has shifted towards those areas where short term rental licenses are still available, helping those markets remain relatively more robust. Average sold prices in Keystone, where STR licenses are still available, have now surpassed those in Breckenridge for most property types.
- Inventory, across Summit County, continues to build back towards more normal levels. As of January 1, 2023, current active listings are 319 vs. 115 in 2022, and vs. a 10 year average of 502 for the January time frame.
- Perhaps most interestingly, we continue to see strong demand in the luxury single family home market. That segment of the market appears to be less susceptible to interest rates and rental moratoriums. For example, three record setting sales in the $5M - $9M range occurred in 2022. Those sold prices / SF set records for their respective neighborhoods.
- Highlands at Breckenridge at $1,535 / SF.
- Cucumber Creek on Peak 8 at $1,527 / SF.
- Gold Flake Subdivision $1,466 / SF.
- And, our Partners at Breckenridge Associates brought 2 out of 3 of those Luxury Buyers.
- Finally, Breckenridge Associates remains the top producing office in Breckenridge at all price points, as well as in the $1M plus category.
- The bottom line is, now more than ever, real estate has become hyper local, and our team of full-time local experts are ready to lend their local knowledge and experience to assist in your buying or selling decision.